The Alfa Group Consortium (“Consortium” or “Group”) consists of a variety of different subholdings in which three beneficial shareholders, through CTF Holdings Ltd (“CTF”) and directly (in the case of ABH Holdings Corp.) hold majority stakes. Various minority shareholders hold stakes in the Group’s subholdings as shown in the Alfa Group’s shareholders table and structure chart. CTF was created by CTF’s three beneficial shareholders in order to consolidate their business interests under one holding structure.  CTF also serves as the Consortium’s Corporate Centre.

CTF exercises control over the subholdings through a formal shareholding structure and through shareholder agreements with various minority shareholders. In turn each Subholding has a formal shareholding structure in which it exercises control over all companies it owns. CTF, as well as selected minority shareholders are represented at the Supervisory Board of the Group as well as at the Advisory Committees, Board of Directors or Supervisory Boards of each Subholding. CTF (as an observer), and minority shareholders which hold executive positions in our Subholdings, also take part in the Subholdings’ Executive Management Boards.

Each Subholding adheres to common corporate development and financial control principles set by CTF in its role as the Corporate Centre, however, each Subholding, through its Board of Directors and executive bodies is managed independently.